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LLC goes bankrupt and assets transferred to new LLC. How do you show disposition?
I was in an LLC that filed for bankruptcy and was terminated. A new LLC was established with all of the assets and members moved to the new LLC. A cost basis for the transfer was established. I now have 2 Schedule K1s (Form 1065): One for the original showing 0% Capital at ending; and one for the Liquidation LLC . The original shows a withdrawal & distribution amount that went into the Liquidated LLC. How do I show the disposition of the original LLC?
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‎October 13, 2019
6:05 PM